If you are conversant with Twitter social media, you should have seen Binance cryptocurrency exchange trending since yesterday, accused of scamming Nigerians.
Reports on social media are claiming that Binance, one of the world’s largest crypto exchanges, is reportedly blocking the accounts of its African users, particularly Nigerians and those that are active in its Peer-to-Peer (P2P) exchange.
Many Nigerians have taken to Twitter to alleged that the exchange blocked their accounts without any explanation given to them.
A user called Ama Judy lamented that her account has been blocked for 10 months without any justifiable reasons or notification.
TXmny case was different, as he claimed his account was blocked for receiving bnb from a regular wallet. “I wasn’t given a tangible reason all they said was they need to investigate the coin and I have to wait for a month before I can get any solution.”
One user, Adeosun Yemson Yemmy stated that he has been having issues with the platform as far back as 2020. He said, “Sometime in December 2020, I bought some coins from a guy on WhatsApp. 24 hours later, my account was frozen. I chatted with support and I was told to provide proof on how I got a certain amount of funds into my wallet. I provided the proofs and my wallet was released. However, in February 2021, the wallet was frozen again. And up till now, they haven’t released the wallet.”
When was asked the response the Binance support team gave to him since he has been trying to retrieve his account, he said, “They kept saying that it’s not within their power to disclose to me what happened. They referred me to a police officer in Las Vegas.”
Adeosun explained that he contacted the police officer in Las Vegas and still was told that his wallet received stolen coins.
Mickey Claimed his account has been frozen “for about 4 months now with over $500k, mostly comprises of alts coins. Is it a crime to be an African?”
We reached out to Binance and was refered to a Google form. On their page it stated that “Dear Nigeria Binancians. It has been brought to our attention that some Binance users’ accounts have been restricted. Please be rest assured the Binance team is working on it. User security remains our top priority.”
In the tweet, the exchange attached a google form for those still experiencing issues with accessing their accounts. The tweet further read, “We will further investigate and provide solutions swiftly. We apologize for any inconvenience caused.”
Many Nigerians, due to the ban on cryptocurrencies by the Central Bank of Nigeria (CBN), have been forced to participate in the market through P2P exchanges, and telegram groups where buyers and sellers alike come together to exchange tokens for cash. These methods although an alternative is still relatively flawed as there is a high crime rate as it largely depends on trust.
Let us know your experience so far using Binance Exchange in the comment below.
Idea Hatch (iHatch) is a 5-month free intensive incubation program organized by the National Center for Artificial Intelligence and Robotics (NCAIR) in partnership with Japan International Cooperation Agency (JICA). The program was created to refine the business model of Nigerian entrepreneurs through a series of mentoring, lectures, and bootcamps to develop scalable business models in Nigeria.
Support entrepreneurs that use creative commercial services and products to address social challenges.
Create a model incubation program and expand it to other states in Nigeria.
Strengthen the technological ecosystem by centering support on selected IT sectors.
Establish connections between the startups and investors/corporations.
Boost the number of successful businesses to improve employment rates.
INDIVIDUALS/GROUPS WITH AN INNOVATIVE BUSINESS PLAN WITH A PRODUCT OR PROTOTYPE THAT WOULD AID IN DEVELOPING THE NIGERIAN ECONOMY
INDIVIDUALS/GROUPS WILLING TO ESTABLISH A LEGAL COMPANY AND BEGIN BUSINESS OPERATIONS IN NIGERIA
PARTICIPANTS MUST BE AT LEAST 18 YEARS OLD
SECTOR: ALL SECTORS (E.G. AGRITECH, FINTECH, HEALTHTECH, ETC.)
KINDLY NOTE THAT THE TRAINING WILL TAKE PLACE PHYSICALLY AT THE NATIONAL CENTRE FOR ARTIFICIAL INTELLIGENCE AND ROBOTICS IN ABUJA
ALL INFORMATION RECEIVED FROM APPLICANTS WILL BE TREATED AS CONFIDENTIAL AND WILL NOT BE RELEASED TO ANY OUTSIDE PARTIES WITHOUT CONSENT
FREE OFFLINE/ONLINE INTERACTIVE TRAININGS
FREE COWORKING SPACE AT NCAIR, ABUJA
MENTORSHIP SESSIONS WITH TECH SPECIALISTS
6 January 2022: Application Deadline
31 January 2022: Selection Process Begins
1 February 2022: Selection Process Ends
28 February 2022: Training Commences
1 March 2022: Training Ends
22 July 2022: Demo Day
29 July 2022
Application Deadline: January 31st, 2022
For More Information:
Visit the Official Webpage of the Idea Hatch (iHatch) Startup Incubation Programme 2022